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Consultancy income

CA Kratanshu Gupta (Chartered accountant) (290 Points)

17 June 2020

If someone receive some amount of money in foreign currency on regular basis or casual basis into their personal saving account from outside India to india then what would be the tax implication in all respect , plz suggest

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yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 18 June 2020

Money is remitted at source of deposit. Apart from that, the bankers acceptance is required and you have to prove that it is a legitimate source. Maybe, tax on gift is applicable to the sender and not you.

’There is no limit on sending money from USA to India, provided you pay the required taxes. But, there is a limit of US $14,000 per person per year for gift tax free transactions. Any amount sent above US $14,000 per person per year, the sender is responsible for paying the gift taxes.’